There’s a palpable cold in the air in Washington this week, and I’m not talking about the weather.
I’m talking about the icy forecast for our nation’s fiscal stability and the possibility that Republicans are complicit in creating such dangerous conditions.
For months, Republicans have given President Joe Biden’s social spending bill the exact label: “Tax insanity and reckless spending by Democrats.” Republicans, in unison, opposed the $ 2 trillion spending spree Democrats adopted this spring. But now the Republican leadership is pushing a bill to forgive all of that spending.
According to the law that governs the budget process of Congress, these expenses must be matched by equal cuts elsewhere. The law is called PAYGO. But Republican leaders and Democrats will forgo PAYGO, allowing Biden’s spending spree to become debt instead of being offset by spending cuts.
This monstrosity of a bill also makes it possible to raise the debt ceiling with a simple majority vote. The Republican leadership, which ostensibly maintains the systematic obstruction, allows this bill to neutralize the systematic obstruction with regard to the debt ceiling. The bill sets a precedent that the debt ceiling can be raised without requiring a qualified majority – a big concession.
Voters should be appalled that Republican leaders are essentially giving Democrats their Christmas wishlist on a silver platter. This horrific “deal” they concocted gives Democrats an easy way to raise the debt ceiling using fast track procedures and would allow for even more reckless spending.
The current debt limit is $ 28.9 trillion. This is essentially the limit of the American credit card. What happens when you don’t pay your credit card bill balance? You pay interest charges. The non-partisan Congressional Budget Office now forecasts that the interest charge on our debt will be $ 5.4 trillion over 10 years, and the projected deficit for this year is $ 1.1 trillion.
We cannot afford to raise the debt ceiling without meaningful spending reform. Continued reckless spending is dangerous to the health of our country and our national security. Put simply, the bill offers a blank check to reckless spenders and sends the country further down a dangerous path that threatens a future of confiscatory tax rates, poor employment prospects and high inflation.
I hate to say it, but I told you.
In March, I tried to force Congress to follow the rules it set for itself and pay for the new COVID expenses by enforcing the PAYGO rules. Speaking from the Senate, I noted that âthe big spenders like to say that the federal government is different from a family budget and that we have the Federal Reserve that can print money to buy our debt. But all this only causes inflation.
And what do you know, as I predicted, the Bureau of Labor Statistics recently reported that inflation hit 6.2%, the highest level in a generation.
Ready for the worst of it all? If the Biden administration’s Build Back Better spending bill passes this year, it will not be subject to the mandatory PAYGO cuts. Republicans would literally ease the priorities of Biden and the Democrats.
I’ve said many times that Republicans and Democrats are responsible for Washington’s spending crisis, and this case is no different. Republicans should stop helping Democrats play their reckless road-kicking game and resist this bizarre attempt to facilitate their agenda.
I have tried to warn of the dire forecast for our nation if we continue with this fiscal madness. And even though I’m not a meteorologist, I can see when a storm is brewing. Congress should join me in keeping an eye on the horizon and taking action before it is too late.
Dr. Rand Paul, a Republican, is the young United States Senator from Kentucky.